Online Reporter
Business Reporter
TN CyberTech Bank Limited, previously Steward Bank, is poised to revolutionise Zimbabwe’s banking landscape as the country’s pioneer neobank, according to parent firm EcoCash Holdings’ annual report for the year to February 28, 2025.
This strategic shift forms part of the bank’s second-phase strategy aimed at reducing operational costs by downsizing staff and transforming traditional branches into technology-centric service hubs.
Tawanda Nyambirai, group chief executive of EcoCash Holdings, outlined the bank’s vision, stating, “The next phase of staff optimisation will involve converting traditional branches into high-tech customer service centres and repurposing former branch staff as banking agents.
“Our objective is to decrease the ratio of staff expenses to revenue to below 10 percent in the medium term.”
A neobank operates entirely online, without physical branches, and provides a wide array of banking services through mobile apps and web platforms.
Unlike traditional banks, neobanks prioritise user-friendly experiences, offering intuitive interfaces, minimal fees, and innovative features such as real-time transaction alerts, automated savings tools, and personalised financial advice
